Overview

• JLL pegs North American colocation vacancy at 2.3 percent, a record low that leaves little immediately leasable space.
• About 73 percent of capacity under construction is preleased, with typical wait times stretching 18 to 24 months.
• Tenants absorbed roughly 2.2 GW in the first half of 2025, while the construction pipeline reached 7.8 GW—about ten times 2020 levels.
• Power remains the chief bottleneck, with grid connections taking around four years on average and commercial electricity costs rising since 2020.
• Meeting projected demand may require up to $1 trillion in North American data center financing by 2030, as cloud and technology firms drive roughly two-thirds of leasing.